It is one of the basics things that everyone needs and wants to have of their own. Nothing can be a more safe and relaxing place than home. During this Covid-19 outbreak having all family members staying at home as much as possible is the best to stay safe, healthy, and sane.
The reality is that having your own home or buying a home does not take overnight. To acquire own home in the country, one needs to invest an initial down payment of not less the Five Thousand Pesos (Php5,000.00) and an estimated monthly mortgage affordability payment based on income. If, you are planning on buying a home here in the Philippines, sharing down my top tips to consider when buying a home. These tips will surely help and guide you in purchasing the right real property.
Moms top tips to consider when buying a home
Size of Household and Budget
Family planning includes having your family’s shelter to stay and spend time together while creating memories of a lifetime. The size of the household and its pricing are things need to take into consideration to ensure that you are on the right track to buying a home. More space is great but makes sure that your choice of home will meet your family’s needs, lifestyle, and most importantly budget.
Location and Quality of Housing
Affordable housing is great; however, it must meet the basic standards of livability and the location also matters. Safe, family-friendly neighborhood and accessible to school, supermarkets, and other necessities are factors to consider when buying a home for your family. Also, take into consideration the quality of materials used in constructing the house and its built. A typhoon resilient house is recommended especially that disaster hits the country almost every month.
Property Title and Contract
One of the steps in buying a home is to secure a clean title and contract of the property. Title and contract are legal documentation that includes specifics about the real property. Don’t get fooled. Ensure that the title of the property your buying is authentic, clean, and with zero real estate taxes payable. How to make sure that a title is real? It should be printed by the Banko Sentral ng Pilipinas. Land Registration Association or LRA watermark should be visible once it is held up against a light. The quality of paper is similar to a bank check. Visit the Assessor’s Office to check and make sure that real estate taxes have been paid.
If buying from a developer, make sure to check these; mother title, contract, and its annexes and road right of way. Since, most of the housing developers in the Philippines offer pre-selling of properties, make sure to check the availability of mother title. Read and understand thoroughly the contract to sell before signing. Feel free to seek help from the licensed real estate broker to explain the technical terminologies inside the deed of sale in a simpler way. Make sure to double-check or compute meticulously the payable, interest, and terms of payment.
Getting your own house isn’t easy, but if you know where to focus your money and efforts, you can have it the smart way. I hope that the tips I shared above help you to decide between buying a home.